Dubai, UAE – Eyewa, a Dubai-based eyewear startup, has secured fresh funds from the prominent US private equity firm General Atlantic, according to a report by The Information on Tuesday. Although the investment was made earlier this year, it has not yet been publicly announced by Eyewa. Details regarding the size of the investment round and any other participating investors remain undisclosed.
The last publicly disclosed funding round for Eyewa was a $21 million Series B, led by Kingsway and Nuwa Capital, which the company secured in June 2021.
Since its last funding round, Eyewa has experienced significant growth, expanding its network to over 120 stores, with nearly 100 located in Saudi Arabia. The startup opened its first store in 2021 in Dhahran.
Mehdi Oudghiri, co-founder and co-CEO of Eyewa, explained the company’s expansion into retail in a previous interview with MENAbytes. “We started as an e-commerce company because that is where the biggest market gap was, as no one was offering high-quality and affordable eyewear products online with a good customer experience. Expanding our reach to offline will complement our strong online presence and cement our position as a leading player in the eyewear industry,” Oudghiri said.
Founded in 2017 by Mehdi Oudghiri and Anass Boumediene, Eyewa offers a range of eyewear products, including prescription glasses, sunglasses, blue light glasses, colour contact lenses, and corrective contact lenses. The startup sells these products through its website, mobile apps, and retail stores. Eyewa’s portfolio includes in-house brands such as Blackout, Layala, and 30Sundays, as well as international fashion brands like Hugo, Tommy Hilfiger, and Guess.
Eyewa currently serves customers across the GCC, with both retail and online presence in all six markets in the region. According to its website, Eyewa is the largest online eyewear retailer in the region.
This investment marks General Atlantic’s second foray into the Middle Eastern market. The private equity firm previously invested in Property Finder, leading a $120 million funding round for the proptech startup in 2018.